Canada's soybean production is forecasted to increase steadily over the period 2024-2028. Starting from 6.88 million metric tons in 2024, production is expected to grow to 7.38 million metric tons by 2028, reflecting a consistent annual growth trajectory. This upward trend suggests a positive outlook for the soybean market in Canada, as the compound annual growth rate (CAGR) for the next five years shows an average increase.
In 2023, soybean production stood at 6.75 million metric tons, highlighting a continuous growth in the sector. The year-on-year variation for 2024 indicates a growth from the previous year's level, setting the foundation for sustained increases through 2028.
Future trends to watch for include:
- Potential impacts of climate change on crop yields.
- Technological advancements in agricultural practices.
- Trade policies that could influence export dynamics and domestic market demand.
